Howmet Aerospace reports revenue declines
WEATHERSFIELD — Howmet Aerospace, formerly Arconic Inc. in Weathersfield, reported revenue of $1.1 billion for the third quarter, down 37 percent from the same quarter in 2019.
The decrease, according to the company, was driven by disruptions in the commercial aerospace and commercial transportation markets largely due to the viral outbreak and production declines of Boeing’s 737 Max airplane.
The loss was somewhat offset by growth in defense aerospace and industrial gas turbine markets, the company reported.
The company reported income from continuing operations of $36 million, down from $58 million last year, operating income of $73 million compared to $256 million for the same period in 2019 and a $1.4 billion cash balance at the end of the quarter.
Howmet officially spun off from Arconic Inc. in early April and is the engineered products and forgings side of the former company.